Market Research RecordMarket Research RecordMarket Research Record
  • Home
  • Business News
  • Technology
  • Crypto News
  • Entertainment News
  • News
  • Sports News
  • Home & Garden
  • Contact Us
Reading: ICICI Bank acquired 10% stake in 9MMTPA Oil Refinery
Aa
Aa
Market Research RecordMarket Research Record
  • Home
  • Business News
  • Technology
  • Crypto News
  • Entertainment News
  • News
  • Sports News
  • Home & Garden
  • Contact Us
  • Home
  • Business News
  • Technology
  • Crypto News
  • Entertainment News
  • News
  • Sports News
  • Home & Garden
  • Contact Us
Follow US
  • Contact Us
  • About Us
  • DMCA
  • Privacy Policy
  • Terms and Conditions
© 2023 Market Research Record. All Rights Reserved.
Market Research Record > Blog > News > ICICI Bank acquired 10% stake in 9MMTPA Oil Refinery
News

ICICI Bank acquired 10% stake in 9MMTPA Oil Refinery

Amelia Earhart
By Amelia Earhart Published November 24, 2022 1 Min Read
SHARE

ICICI Bank has entered into an agreement dated 23 November 2022 in relation to an initial investment of Rs 50,000 in the seed equity capital of the proposed Joint Venture (JV) of Indian Oil Corporation (IOCL) and Chennai Petroleum Corporation (CPCL) (target entity).

The joint venture is aimed at setting up a petroleum refinery in Nagapattinam, Tamil Nadu.

The target entity will be implementing a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which IOCL and CPCL shall together hold 50% equity stake (25% each) and balance would be held by other JV partners.

While the joint entity for the project is yet to be incorporated, ICICI Bank will hold 10% of the equity shares in the project after its investment.

Refinery shall produce petroleum products including MS (Petrol), HSD (Diesel), LPG, etc. and petrochemical products such as polypropylene.

Since the shareholding is at 10%, no additional regulatory clearances will be required for the investment, the bank said in its exchange filing.

Avatar photo
By Amelia Earhart Publlisher
Follow:
Amelia Earhart, an accomplished news reporter, and writer, brings a flair for storytelling and sharp journalistic insight to her work. As a valued contributor to Marketresearchrecord.com, she delivers timely news and analysis on various industries. Amelia's dedication to accuracy and her adventurous spirit drive her to uncover impactful stories, leaving a lasting impression on her readers. With years of experience in journalism, she remains committed to journalistic integrity, informing and inspiring a wide audience in the dynamic world of media.

Stay Connected

Facebook Like
Twitter Follow
Pinterest Pin
Telegram Follow

Latest News

The Ultimate Guide to Retractable Fly Screens and Plantation Shutters in Northern Beaches
Home & Garden
Devan Christopher Anderson
Devan Christopher Anderson Shows How to Improve Character, Personality, and Mindset While Valuing Your spirit
People & Society
Devan Christopher Anderson: A Life of Motivation, Success, and Giving Back
Devan Christopher Anderson: A Life of Motivation, Success, and Giving Back
Business News
AI Trading in 2025 – How Automated Trading is Changing Crypto Markets
AI Trading in 2025 – How Automated Trading is Changing Crypto Markets
Business News Technology

Market Research Record is an independent news website that is a top source of information about Trending News, Peoples’s Biography, Life Story and More.

Follow Us On Google News

Top Categories

  • Home
  • Business News
  • Technology
  • Crypto News
  • Entertainment News
  • News
  • Sports News
  • Home & Garden
  • Contact Us

Quick Link

  • Contact Us
  • About Us
  • DMCA
  • Privacy Policy
  • Terms and Conditions
Follow US
© 2024 Market Research Record. All Rights Reserved.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?